A Study of Financial Literacy Among Young People

Abstract

The article presents a comprehensive overview of young people's financial awareness, including the current situation, the research methodology, the formulated hypotheses, and the results of a questionnaire survey. The suggestions and conclusions offered in the study may contribute to the advancement of financial education and foster deliberate changes in both the educational system and the family environment, thereby enabling future generations to make more informed financial decisions. Financial literacy is a complex issue that does not only involve an individual's lexical knowledge or simple experience. An individual can claim to be financially aware if he or she has the right knowledge and is confident in applying it in practice andin everyday life. It is the combination of these ingredients and their extensive application that can lead to positive results. Financial culture has received increasing attention in the context of the economic crisis. In recent years, a number of programmes have been launched in our country to promote financial literacy, with the main aim of raising young people's financial awareness. The present study aimed to assess the financial awareness of students aged 14 to 18. It collected data on their financial knowledge, attitudes, and everyday financial decision-making. The results indicate that the level of financial awareness is influenced by various family, school, and social factors, and they highlight existing gaps in the education system. This research may contribute to the development of financial education programs that support young people in improving their economic literacy and adopting more conscious money management practices. The main objective of this questionnaire-based study was to understand the financial culture of Hungarian youth and to explore the contextual factors that shape their financial attitudes. The findings underscore the importance of maintaining up-to-date financial knowledge and awareness, as this can help young people avoid and prevent complex financial situations. Although the study provides useful insights, it only partially captures the financial culture and attitudes of 14- to 18-year-olds. To ensure greater representativeness, future research should involve a larger sample size and be extended to include the entire county. The results point to significant deficiencies in the financial literacy of young people and identify areas in need of further development.